Probate liquidators refer to companies that purchase assets held in probate. This can be a valuable service for estate executors because it allows them to sell assets for cash. This money is used to pay off outstanding debts associated with the estate and allows for ease of distribution to creditors and intended beneficiaries.
The sooner assets are sold to probate liquidators, the better. Estate assets are held in probate for an average of three years. During this time assets depreciate, while attorney fees and probate costs escalate. By selling probate assets at the onset of probate, the estate receives more money and can reduce the duration of the probate process.
Probate liquidators like Simon Volkov purchase all types of probate assets including real estate, automobiles, household goods and personal belongings such as jewelry, art and collectibles. Others specialize in purchasing businesses and commercial real estate.
Few people fully understand the complexities of probate. Even fewer understand the challenges associated with administering an estate. The estate administrator is responsible for many duties including locating lost property and missing heirs, paying outstanding debts, obtaining property appraisals, submitting a final tax return and distribution of property to designated heirs.
During probate, the estate executor is responsible for handling all financial transactions. If the decedent owned real estate backed by a mortgage loan, the estate must continue making payments on the note. Otherwise, the house will eventually fall into foreclosure.
Oftentimes, estates do not have sufficient funds to pay on a mortgage note for two or three years while the property is tied-up in probate. The probate executor has authority to sell the property if it is in the best interest of the estate. However, in some states the sale of real estate must be authorized by a probate judge.
Estate administrators generally work with a probate attorney to ensure all documents are properly filed and distribution adheres to probate laws. Rarely, can an estate be administered without legal assistance.
I purchase probate assets and can help you liquidate your estate quickly and efficiently. If you are a probate executor or attorney and need to sell probate assets, I encourage you to fill out our probate liquidators form and submit it to me as soon as possible. Upon receipt of your information, I will contact you within 72 hours to discuss available options.
Realize the longer you wait, the less valuable probate assets will become. Not only will you obtain more money for estate assets, you will be eliminating a burden from the court system and reducing your attorney costs.
Published on March 19, 2009 at 03:20 AM | Comments: 1